Automotive Bearing market Size, Share Analysis by 2027

Automotive Bearing market was valued at approximately USD 75.45 Billion in 2019 and is expected to generate revenue of around
USD 123.46 Billion by end of 2027, growing at a CAGR of around 6.4% between 2020 and 2027
Bearing is a machine element that restricts relative movement and reduces friction between moving parts. In almost all equipment or
machinery, bearings are used, ranging from farm equipments, vehicle components, and household appliances to defense and
aerospace equipments. Demand for bearings with higher performance, lower maintenance, and longer service life is growing. In
addition to the increasing automotive industry worldwide, it has been observed that the rising average age of vehicles is expected to
increase demand for maintenance, repair and replacement of automotive components, which in effect promotes sales of automotive
components like automotive bearing. Technology advances are being made in the automotive engine bearing market, so that the
engine bearings work properly and have longer life. The proper functioning of the engine bearing is accomplished when the building
material possesses the properties including high strength and softness.
Overall innovation in the automotive sector is the prime factor leading to business growth. The changing standard of living and
increasing disposable incomes in the developing countries have made it possible for customers to use vehicles which have complete
aftermarket products fitted for the successful use of the automobiles. In addition, the production of automobiles has increased, which
in turn has fuelled the growth of the demand for automotive engine bearing in the coming years. Developments are being made in the
technology and researchers are focusing on developing strong materials that can withstand more load is further fueling the growth
and demand for automotive engine bearings. Besides, the replacement rate for automotive engine bearing is high, and thus the
automotive aftermarket holds a considerable share in the market. Moreover, with one third of the world's population being in India
and China the demand for vehicles will in turn raise the order for bearing from these countries.
Rising vehicle electrification and ambitious proposals by various governments to go fully electric, and ban traditional fuel based
vehicles worldwide in the coming years, greatly can limit the growth of the automotive bearing industry. Compared to traditional fuel
powered vehicles, electric vehicles require fewer bearings. In addition, market growth is expected to be slowed by the introduction of
wheel hub or in-wheel technology, used in electric vehicles. The vehicles that come with such technology need no differential gears
which can further restrict market growth.
Segmentation Analysis